Alston announced preliminary results for the Company's first participation well at Alexander, Alberta.
The proposed oil well at Alexander has been drilled and has been cased as a potential oil well based on log indicated oil pay in three zones including the same zone as the offset discovery well reported in our November 10, 2010 release. Alston believes that multiple development wells will be required to fully develop the pool.
As previously reported, Alston plans to participate in drilling 3 - 4 gross wells, between now and the end of first quarter, 2011 with a second follow up well scheduled for spud prior to the end of this year. Production testing of the new well will commence within 2 weeks time with a targeted on stream date of the end of January 2011. Alston's participating interest is 15% in both new wells and future development of the pool.
The Operator previously announced that the initial discovery oil well, which was brought on stream on Oct. 4, 2010, has stabilized at a flowing rate of approximately 300 barrels of oil equivalent per day, including 100 bbl/d of crude oil after being on stream for 30 days. Based on the stabilized 30-day production test, the first and second development locations have been chosen immediately offsetting the discovery oil well in the next adjacent spacing units.
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